SAO PAULO, Jan 29 (Reuters) - The development agency owned by Brazilian state of Minas Gerais, known as Codemig, is planning an initial public offering aiming to raise up to 3 billion reais ($947.78 million), newspaper Valor Economico said on Friday.

Minas Gerais intends to raise capital to boost its finances, the said citing documents filed with the regional. The initial public offering should take place until June, the paper sad.

Codemig’s assets include a niobium mine, among other investments. Contacted by Reuters, the company did not immediately comment on the matter.